The price of second-hand homes in Spain has reached a new record high, rising by 16.9% over the past year to €2,795 per square metre, according to the latest data from Idealista.

The figure represents the highest asking price ever recorded by the property portal and comes after prices increased by 4.5% in the last three months alone and 1.7% during May.

The latest surge highlights the continued pressure on Spain’s housing market, where demand continues to outstrip supply in many regions.

Murcia recorded the sharpest annual increase, with prices jumping by 24.6%, followed by Cantabria (19%), Andalucia (18.3%) and Asturias (17.1%).

Andalucia’s average asking price now stands at €2,919 per square metre, placing it above the national average and making it the sixth most expensive region in Spain.

Only the Balearic Islands (€5,285/m2), Madrid (€4,739/m2), the Basque Country (€3,546/m2), the Canary Islands (€3,281/m2) and Catalonia (€2,923/m2) recorded higher average prices.

Malaga among most expensive provinces

At provincial level, Malaga continues to cement its position as one of Spain’s hottest property markets.

The province now has an average asking price of €4,158 per square metre, making it the fourth most expensive province in the country behind only the Balearic Islands, Madrid and Guipuzcoa.

Malaga is now more expensive than Barcelona province (€3,300/m2), Vizcaya (€3,414/m2) and Santa Cruz de Tenerife (€3,425/m2).

The province’s annual growth rate remains strong, although some emerging markets are rising even faster.

Murcia province saw the biggest increase at 24.6%, followed by Valencia (23.5%), Toledo (20.9%), Almeria (19.1%) and Cantabria (19%).

Almeria’s performance will be of particular interest to buyers on Spain’s southern coast, with prices there rising nearly 20% year-on-year, one of the fastest increases in the country.

Costa del Sol boom

The figures reinforce the Costa del Sol’s status as one of Europe’s most sought-after property destinations.

Strong international demand, limited housing supply and continued interest from foreign buyers have helped drive prices higher across Malaga province over the past several years.

The latest data suggests that trend is continuing despite affordability concerns and growing pressure from local residents struggling to access housing.

Across Spain, only one province recorded a fall in asking prices over the past year: Ourense, where values slipped by 0.9%.

At the other end of the scale, Ciudad Real remains Spain’s cheapest province, with homes averaging just €816 per square metre.

Meanwhile, among Spain’s major cities, Malaga city recorded annual growth of 9.6%, outperforming Madrid (7.4%), Barcelona (7.1%) and Sevilla (6.8%).

The data is based on asking prices for homes listed on Idealista and excludes outliers, duplicate listings and properties that have remained on the market for extended periods without attracting interest.

Read more Andalucia news at the Spanish Eye.